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013 was the sixth year of recession for the
Greek economy and a year in which we saw
the crisis deepen and affect ever-increasing
numbers of our fellow citizens. Nevertheless, this
same year was also – admittedly so – a year during
which positive messages became more frequent,
slowly but steadily replacing the negative scenarios.
As for all Greek businesses, the five years from2008
to 2012 for our Group were a time full of challenges.
Some of these were unprecedented, a direct result
of the economic crisis, while others were related
more to Greece’s long-standing, structural prob-
lems such as overtaxation, bureaucracy and the
unstable legal and regulatory environment.
In this context, drawing on our long-term strategy
and on our vision and teamwork, we managed not
only to achieve positive results, but also to move
ahead with new investments and business moves
that shape a better future for our Group itself, at
the same time contributing to the support of the
Greek economy as a whole.
For MYTILINEOS Group, 2013 was a milestone year.
In mid-year, we announced the completion of the
refinancing of our existing loan obligations, a de-
velopment that substantially improved our credit
profile and ensures adequate liquidity for future in-
vestments. With the development of our Group and
of the country being our non-negotiable priority, in
2013 we announced the expansion of our coopera-
tion with Fairfax Financial Holdings Limited, which
is now the Group’s third largest shareholder. This
move stresses the business extroversion of MYTILI-
NEOS Group, strengthens our access to the inter-
national capital markets and helps us achieve our
business goals in the key sectors of Energy, EPC
Projects and Metallurgy & Mining.
Last year was one of particularly significant devel-
opments for the Group’s subsidiaries as well: In
ALUMINIUM, 2013 marked the completion of the
highly ambitious “MELLON” programme, which
improved the company’s competitiveness, reducing
production costs by $145 million in less than two
years. For ALUMINIUM, the largest vertically inte-
grated aluminium and alumina producing plant in
the EU and one of Greece’s industrial enterprises
with the most robust growth, our unchanging goal
is to further improve the company’s international
competitiveness through a number of initiatives
that include the implementation of a long-term in-
vestment plan to drive growth for both the national
economy and the Greek periphery.
In the EPC Projects sector, 2013 was again a year of
robust business results, as METKA completed suc-
cessfully six (6) large-scale projects totalling more
than 2,500 MW of installed capacity and signed
contracts for four (4) new large-scale projects in
various countries. With the international expan-
sion of its activities in full swing, 2013 was also
the year in which METKA made a dynamic come-
back to the domestic market, as it was appointed
lowest bidder in the tender procedure for the
“ In this environment, drawing on our long-term
strategy and on our vision and teamwork,
we managed not only to achieve positive results ”
Message from the Chairman
